Replies to post #10342 on Universal Property Development Corporation (fka UP

[A44975]

I did not write off UPDV. The unique diff of UPDV is that it actually owns 52% of HTOG and with HTOG convertable bonds it increase its hold to 70%. So even though UPDV is no longer traded, ownership is still there which means UPDV has assets. I own all together 550,000 shares of UPDV. Hey maybe you and I can get together, with our shares combined, write a letter to SEC and see if we can take controll of UPDV. After all a good case can be made that the current officers are inept for not following SEC guide lines.

[slob]

HEY WHY MEIL!!! how the heck are you. refer back to my post #10171 and yours #10200....pretty much sums it up here...i just happened to check out this board, haven't in quite some time...this was one of those penny stocks that i was lucky enough to get out of after years of big losses [not to your extent]and be able to break even ...yes i still dabble with penny stocks..one being [sgcp]...look into that one...its got a great group of guys there...if you care too you can email me at ohyeah029@yahoo....best to you and your family and have a safe and happy holiday season....keep in touch.

[knight247]

http://www.financialfraudlaw.com/lawblog/updv%E2%80%99s-ex-ceo-convicted-securities-fraud/2074


UPDV’s Ex-CEO Convicted Of Securities Fraud
Submitted by Steven Meyerowitz on Wed, 03/09/2011 - 12:48pm
Following three weeks of trial, a federal jury in Brooklyn returned guilty verdicts against Kamal Z. Abdallah, the former chief executive officer at Universal Property Development and Acquisition Corp. (“UPDV”), on charges of securities fraud, wire fraud, and conspiracy to commit securities and wire fraud. These charges arose out of his participation in a scheme to artificially inflate UPDV’s stock price. When sentenced by U.S. District Judge Joseph F. Bianco on June 17, 2011, Abdallah faces a maximum sentence of 25 years’ imprisonment on the most serious charge.

The government’s proof at trial established that:

Abdallah served as UPDV’s chief executive officer from 2005 to 2008. During that time, he obtained hundreds of millions of shares of UPDV stock, some of which he received at no cost as part of his compensation. Shortly before Abdallah left UPDV, the company defaulted on over $14 million in loans, and one of its subsidiaries bounced approximately $2.5 million in checks to its suppliers. Neither Abdallah nor anyone else at UPDV disclosed these financial problems to UPDV’s shareholders or the investing public.

Beginning in June 2009, Abdallah orchestrated a scheme to unload as many of his UPDV shares as possible before the company went out of business. Due to a lack of demand for UPDV’s stock, Abdallah paid cash kickbacks to a co-conspirator in exchange for the coconspirator’s creating false demand for UPDV’s stock, which, in turn, increased UPDV’s share price and allowed Abdallah and another conspirator to sell tens of millions of UPDV shares at artificially high prices. Abdallah’s co-conspirator created the false demand by fraudulently inducing several stock brokerage houses to purchase a total of more than 200 million shares of UPDV. The co-conspirator telephoned each of these brokerage houses, falsely identified himself as a representative of an actual client of the broker, and placed orders to buy large blocks of UPDV common stock. After the brokerage houses purchased the stock, the co-conspirator ceased contact with the brokerage houses and failed to pay for the shares he had caused the brokerage houses to purchase.

The false demand enabled Abdallah and another conspirator to sell over 70 million UPDV shares for approximately $300,000. In exchange for the creation of the false demand, Abdallah paid his co-conspirator approximately $40,000 in secret kickbacks from his UPDV sale proceeds.

[slob]

Hey why meil,,hows it going with you ? i was just scouring the updv board and seen this post of yours that knight247 responded too. i'm doing ok hows about yourself ?...send me an email we can talk better that way...[[e-mail]] ...best to you!!!